Tesla turns a profit and says it may hit 2020 delivery goals despite pandemic

Tesla turned a surprise profit in the first quarter of 2020 of $16 million, despite factory shutdowns in China and the US, the company announced on Wednesday. It said it may still hit its goal of delivering 500,000 vehicles worldwide this year even in the face of the pandemic. It’s the first time in Tesla’s history that the company has turned in three consecutive profitable quarters.

There are, of course, caveats to those statements. Tesla sold $354 million worth of regulatory credits in the quarter, a record for the company. And while Tesla said it has the capacity to beat that 500,000 delivery goal, the company admitted that it “remains uncertain how quickly we and our suppliers will be able to ramp production after resuming...

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